Exercise $18-23($Algorithmic$)($LO$.1,2)$

Yvonne and Simon form Ion Corporation. Yvonne transfers equipment $($basis of $$369,200$ and fair market value of

$$553,800).$ Simon invests $$443,040$ of cash. They each receive $100$ shares in Ion Corporation, worth $$443,040,$ but

Yvonne also receives $$110,760$ in cash from Ion.

Calculate Ion Corporation's basis in the equipment and determine Yvonne and Simon's basis in the Ion stock.

Ion Corporation has a basis of $

in the equipment. Yvonne has a basis of $

for her

stock and Simon has a basis of $

for his stock.Exercise $18-23($Algorithmic$)($LO$.1,2)$

Yvonne and Simon form Ion Corporation. Yvonne transfers equipment $($basis of $$369,200$ and fair market value of $$553,800).$ Simon invests $$443,040$ of cash. They each receive $100$ shares in Ion Corporation, worth $$443,040,$ but Yvonne also receives $$110,760$ in cash from Ion.

Calculate Ion Corporation's basis in the equipment and determine Yvonne and Simon's basis in the Ion stock.

Ion Corporation has a basis of $fill in the blank $1$

in the equipment. Yvonne has a basis of $fill in the blank $2$

for her stock and Simon has a basis of $fill in the blank $3$

for his stock.